In a bid to bolster the economic resilience of Nigeria’s middle class, SmallSmall Fair has announced the launch of the first installment payment fair in Nigeria.
Scheduled to hold in Lagos on August 17, SmallSmall Fair will showcase the transformative power of installment payment solutions across diverse industries, allowing hundreds of companies offering installment payment to meet and sell directly to over 5,000 credit worthy consumers in person, all under one roof.
Speaking about the event, Tunde Balogun, the co-founder and chief executive of SmallSmall, said, “Nigeria has been a cash-based economy for decades and this model is now outdated and working against our economy.
“The demand to pay for everything in cash has fueled a lot of ills in our society, including greed and corruption.
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‘’In Nigeria, we brag about paying for things in cash, and when we are faced with a tough economy as we have right now, everybody goes into hiding and eats their breakfast in silence. Why don’t we adopt consumption models that are sustainable and promote an inclusive economy for everyone, which will ultimately allow us to grow our market size and gross domestic product as a country,” he said.
Balogun emphasized that any company allowing its customers to do installment payment should have proper structure that allows it to capture the customers’ repayment history and log them into a central credit bureau system. This way, Nigeria can have a robust credit database showing citizens’ credit history and credit worthiness.
As part of SmallSmall’s effort to promote installment payment adoption, the company said it launched SmallSmall Podcast, a platform to drive conversations with founders and chief executive officers of companies providing installment payments to consumers.
Balogun said the SmallSmall Fair was positioned as the next stage of SmallSmall’s campaign to drive adoption of installment payments across several industries in Nigeria.
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